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The Daily Roundup

PdVSA makes delayed coupon payments – Brazil report primary surplus on the back of repatriation amnesty – Garanti signs US$1.3bn loan – Iran outlines OPEC proposal to cut production – Central Bank of Kenya leaves key rate unchanged – Financial Leasing Co. closes US$150mn syndicated loan

Nov 29, 2016 // 5:36PM

Venezuela's PdVSA has made the delayed coupon payments on its 2021 and 2024 bonds. The coupon on the company's 2035s remains unpaid.

Brazil has reported a primary surplus of US$11.6bn in October, the first time in six months, largely due to a large influx of repatriated funds off the back of a programme that gave Brazilians criminal amnesty in exchange for paying fines and taxes on those funds.

Turkey's Garanti Bank signed a US$1.3bn 367-day dual currency syndicated loan, split between a US$626mn and a €615.5mn tranche; 34 banks from 15 countries were involved in the deal. The loan was priced at LIBOR+1.10% and EURIBOR+1.0%, according to the bank.

Iran has outlined its proposal for an OPEC deal that would among other things see Saudi Arabia cut production to its November 2014 level of around 9.5 million barrels a day, or 1 million barrels per day less than it currently produces. The organization is currently trying to finalise a deal that would see its members trim production to between 32.5 million and 33 million barrels per day, but observers are increasingly skeptical of a deal being reached.

The Brazilian Central Bank, Banco Central do Brasil, has lowered the country's 2016 and 2017 growth projections. GDP is now expected to contract 3.49% for 2016, whilst it is expected to grow 0.98% in 2017. The BRL is expected to average 3.35 to the US dollar for this year, whilst it is expected to improve in 2017 to 3.4 to the dollar in 2017.

The Central Bank of Israel, Bank of Israel, left its benchmark interest rate unchanged at 0.10%.

The Central Bank of Kenya left its Central Bank Rate (CBR) at 10.0%, citing mild inflationary pressures and the need for more "conclusive information" on prevailing domestic and global economic uncertainties.

Tunisia is hosting an international conference, opening on Tuesday, hoping to attract foreign investment worth up to US$30bn, providing a vital boost to an economy hurt by militant attacks, labour unrest and political instability.

The National Bank of the Kyrgyz Republic cut its policy rate by a further 50bp to 5.5% in light of low inflation, saying said it intends to continue easing in the absence of external shocks to help neutralize deflationary forces.

The Islamic Republic of The Gambia has signed two loan agreements worth US$18mn with the Kuwait Fund for Arab Economic Development (KFAED). The financial package includes a KD5mn (US$16.4mn) loan for developing schools, and a grant agreement of KD500,000  (US$1.64mn) to fund a feasibility study for supporting human resources capabilities and for capacity building and technical programmes.

Chinese industrial lender Financial Leasing Co. successfully raised a US$150mn 3-year syndicated loan. Industrial Bank, Yung Fung Bank, and Fubon Bank acted as joint lead arranging banks and bookrunners. Yung Fung Bank acted as agent. Cathay Pacific, Bank of Taiwan, South China Commercial Bank, Yushan Bank, Taiwan SME Bank and Zhanghua Commercial Bank also participated in the transaction.

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